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Jan 30, 2013
01/13
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they are continuing to boost the economy would he make of the fed's move? >> is not surprising because they are talking about different procedures. you know, they did talk about the parts of the economy, which we actually have seen in terms of the gdp numbers, but there are some other signs of slow growth strength, particularly in the housing market and it doesn't change the fundamental view of the economy that is growing but not great. gerri: that's a long way to go, professor. the fed itself says that it's going to keep it but to the title. how long might that take? >> the previous discussion was telling us that they expect the end of 2016 to be consistent with your threshold. it is a big problem for them. gerri: it seems to me all the advanced countries, we are barely growing, if at all. shouldn't we be concerned that the federal reserve has tripled its balance sheet at this point? >> there are always issues but i think that a lot of people have gone this dead wrong, which is they're looking at what is called goldstar monetarism that extends the balance
they are continuing to boost the economy would he make of the fed's move? >> is not surprising because they are talking about different procedures. you know, they did talk about the parts of the economy, which we actually have seen in terms of the gdp numbers, but there are some other signs of slow growth strength, particularly in the housing market and it doesn't change the fundamental view of the economy that is growing but not great. gerri: that's a long way to go, professor. the fed...
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Jan 19, 2013
01/13
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the fed's books are completely audited. we are audited first by an outside, private-sector accounting firm. secondly, all of our books, to thehing is open toda government accountability office. but also have an independent inspector general. -- we also have an independent inspector general that is able to abide wait any aspect of the fed's financials or activities -- audit any aspect of the fed's financials or activities. all of our to the t's are thoroughly audited. -- activities are thoroughly audited, with one exception. with the law that created they gao, there is an exception to monetary policy. gao cannot go in an audit in monetary policy decision. -- audit a monetary policy decision. if the audit the fed bill passed, a congressman who did not like the latest interest- rate move could say, gao, go an audit that. the gao would send its staff and to the federal reserve to say, why did you rise in interest rates? that is the first step for the federal reserve no longer being an independent central bank. there is strong a
the fed's books are completely audited. we are audited first by an outside, private-sector accounting firm. secondly, all of our books, to thehing is open toda government accountability office. but also have an independent inspector general. -- we also have an independent inspector general that is able to abide wait any aspect of the fed's financials or activities -- audit any aspect of the fed's financials or activities. all of our to the t's are thoroughly audited. -- activities are...
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Jan 27, 2013
01/13
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FBC
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the fed created and bailed out the wall street and picked winners and losers and i voted against that. but we'll subsidicize those practice. japan is starting to take its own destiny in hand by creating the jobs and build the infrastructure. >> hold on, i want to bring wayne in here. >> wayne? >> when the tax rate gets so high. we are number one in all of the developed countries it goes so high, are we driving business over seas? >> you are already driving business over seas that. is going on all of the time . for example, you take the chairman of the board of general electric who was the head of the president's commission on jobb creation. two weeks after making a speechuloses down x-ray division of ge and moves it to china. you have maniacs running the country here. that's the biggest problem with all due respect congressman, it is congress who makes the decision and you used word fair. i love it when congress comes down and said what is fair. what is the fair share you should pay. please give me a break. >> go ahead. >> we need to stop demonizing the businesses that are bringing in
the fed created and bailed out the wall street and picked winners and losers and i voted against that. but we'll subsidicize those practice. japan is starting to take its own destiny in hand by creating the jobs and build the infrastructure. >> hold on, i want to bring wayne in here. >> wayne? >> when the tax rate gets so high. we are number one in all of the developed countries it goes so high, are we driving business over seas? >> you are already driving business over...
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so the whole reputation angle of the fed and the efforts the fed has undertaken to better communicate really have been resonating with me lately and it's we've seen a few struggles and misfires out there and i think that's why we're here today yeah so before we get into some of those let's just talk about the importance of communication for the fed we know that it is extremely important for the fed is that as important as the fed's actual monetary policy because that then can print but attitude in expectations about the economy and the fed abilities are what can cause people to actually lever up and affect some of those behavioral decisions right right exactly and within the federal reserve there's a tremendous sensitivity to how policy is communicated i think it would be fair to say that for the for the fed communication is considered as important as the policy itself it's what determines whether or not policy will be effective i think that's where we start to see some of the struggles and that these these are ph d. economists and professional bankers and people whose natural tendenc
so the whole reputation angle of the fed and the efforts the fed has undertaken to better communicate really have been resonating with me lately and it's we've seen a few struggles and misfires out there and i think that's why we're here today yeah so before we get into some of those let's just talk about the importance of communication for the fed we know that it is extremely important for the fed is that as important as the fed's actual monetary policy because that then can print but attitude...
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Jan 1, 2013
01/13
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KQED
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the answer is the fed. >> you have to give them a good deal of the credit. they have had quantitative easing again and again. bernanke has said he does not want us to sleep into that kind of economic coma that seemed to take over japan. >> reporter: and that support from the fed was enough to overcome worries about a weakening global economy, and a debt crisis in europe. but many small investors have missed out on the market's gains this year. on the whole, they've taken money out of stocks, and put it into bonds. >> small investors have become dubious of equities because essentially from 1999 until the beginning of this year, there was no return on equities. they feel they're at a disadvantage to institutional investors and computerized trading. the economy has been lackluster. >> reporter: some of the most aggressive stock buyers have been institutional investors and hedge funds-- searching for ways to make money in a low interest rate environment. many international investors also bought us stocks-- seeing them as more attractive alternatives to investmen
the answer is the fed. >> you have to give them a good deal of the credit. they have had quantitative easing again and again. bernanke has said he does not want us to sleep into that kind of economic coma that seemed to take over japan. >> reporter: and that support from the fed was enough to overcome worries about a weakening global economy, and a debt crisis in europe. but many small investors have missed out on the market's gains this year. on the whole, they've taken money out...
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senior fed officials is jeffrey lacker the head of the richmond fed and he originally raised the allegation during a fed conference call an aug sixteenth two thousand and seven and we were the lead up to august sixteenth two thousand and seven very well of course people were beginning to worry that the whole financial system would fall apart now in this conference call it six pm on thursday august sixteenth two thousand and seven jeffrey lacker said if i could just follow up on that mr chairman chairman bernanke he says yes go ahead mr lacker vice chairman geithner did you say that you are unaware of what we're considering or what we might be doing with the discount rate by sharing geithner answered yes mr lacker vice chairman geithner i spoke with ken lewis president and c.e.o. of bank of america this afternoon and he said that he appreciated what tim geitner was arranging by way of changes in the discount facility so my information is different from that diner was trafficking and inside information. and to give you an idea of how you can profit from this you can buy out of the money optio
senior fed officials is jeffrey lacker the head of the richmond fed and he originally raised the allegation during a fed conference call an aug sixteenth two thousand and seven and we were the lead up to august sixteenth two thousand and seven very well of course people were beginning to worry that the whole financial system would fall apart now in this conference call it six pm on thursday august sixteenth two thousand and seven jeffrey lacker said if i could just follow up on that mr chairman...
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soldier on the taliban well yeah and at the time timothy geitner was the president of the new york fed so he was the one responsible for regulating these banks not facilitating their crime wave and he went on to say and by the way the rally yesterday the one we just showed in the chart. i'm forced to be suspicious of it being ignited by a leak short covering in the financial zone i'm not so sure anymore maybe more like someone being tipped off right well the phrase market making is used by lloyd blankfein or j.p. morgan we saw this with the london whale loss in london j.p. morgan puts on thousands of trades and the ones that are profitable they cherry pick and they stick in their account the ones that are losers they put the government accounted put in a pension account they put in some poor schlub customer account and this goes on without any interruption until such time as there is a bit of a mix up and they have to declare some kind of a loss but this is what i call that a juror is observing he's saying that there are thousands of trades out there they're all bogus they're all being
soldier on the taliban well yeah and at the time timothy geitner was the president of the new york fed so he was the one responsible for regulating these banks not facilitating their crime wave and he went on to say and by the way the rally yesterday the one we just showed in the chart. i'm forced to be suspicious of it being ignited by a leak short covering in the financial zone i'm not so sure anymore maybe more like someone being tipped off right well the phrase market making is used by...
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the answer is the fed. >> you have to give them a good deal of the credit. they have had quantitative easing again and again. bernanke has said he does not want us to sleep into that kind of economic coma that seemed to take over japan. >> reporter: and that support from the fed was enough to overcome worries about a weakening global economy, and a debt crisis in europe. but many small investors have missed out on the market's gains this year. on the whole, they've taken money out of stocks, and put it into bonds. >> small investors have become dubious of equities because essentially from 1999 until the beginning of this year, there was no return on equities. they feel they're at a disadvantage to institutional investors and computerized trading. the economy has been lackluster. >> reporter: some of the most aggressive stock buyers have been institutional investors and hedge funds-- searching for ways to make money in a low interest rate environment. many international investors also bought us stocks-- seeing them as more attractive alternatives to investmen
the answer is the fed. >> you have to give them a good deal of the credit. they have had quantitative easing again and again. bernanke has said he does not want us to sleep into that kind of economic coma that seemed to take over japan. >> reporter: and that support from the fed was enough to overcome worries about a weakening global economy, and a debt crisis in europe. but many small investors have missed out on the market's gains this year. on the whole, they've taken money out...
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Jan 30, 2013
01/13
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FBC
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we have a story looking into whether the fed could lose money down the road of this bond buying, and the short answer is yes. that is -- that is one of the things that they will be talking about. gerri: other negative consequences possibly from what the fed has been doing. john taylor in today wall street journal, economist says with rate near zero there is a live incentive for lenders to lend. rates so low that what is the point of lending money? because the return is just not that impressive. do you agree? >> well, the counter argumentto that, and i am a little skeptical of it. with the fed is trying to do is to push banks and other investors into riskier kinds of lending. going away from treasury bonds, which is where interest rates are so low and to save mortgages, writing more mortgages for american households. i think the evidence right now is that we are seeing a housing recovery. we saw numbers today from kaye scholer showing that home prices were up more than 5 percent of the last year. we had not seen and not long time, so we are seeing credit starting to get to parts of th
we have a story looking into whether the fed could lose money down the road of this bond buying, and the short answer is yes. that is -- that is one of the things that they will be talking about. gerri: other negative consequences possibly from what the fed has been doing. john taylor in today wall street journal, economist says with rate near zero there is a live incentive for lenders to lend. rates so low that what is the point of lending money? because the return is just not that impressive....
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Jan 30, 2013
01/13
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fed will have to take that into account. >> well, there is only so much that the fed can do. they say they can provide the necessary conditions for recovery, making sure that credit is flowing, and the banking system is operateing. but it is not sufficient if there is all of this fiscal uncertainty and fiscal shenanigans that are going on. it will make people pull back from investing, and there is only so much the fed can do. >> susie: we have this big jobs report that is coming out on friday. i'm wondering what you're expecting? do you think we're going to have a robust number, something that encourages that businesses are stepping up their hiring? >> i think we'll continue to see what we've been seeing, reasonable private sector job growth. not enormous, but it is reasonable. it is gradually having the unemployment rate move down. the real challenge and the interesting thing to look at is there are so many discouraged workers that they just leave the labor force. sometimes the unemployment rate goes down because there are fewer people looking for work. that is not a good si
fed will have to take that into account. >> well, there is only so much that the fed can do. they say they can provide the necessary conditions for recovery, making sure that credit is flowing, and the banking system is operateing. but it is not sufficient if there is all of this fiscal uncertainty and fiscal shenanigans that are going on. it will make people pull back from investing, and there is only so much the fed can do. >> susie: we have this big jobs report that is coming out...
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Jan 31, 2013
01/13
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and democrats battle over the budget. >> i think the fed is very conscious of the fact that fiscal policy which had been providing stimulus earlier in the recovery had really now turned to a strongly contractionary phase and so, when the fed thinks about what it needs to do, it views that as part of the backdrop for its need to continue to be accommodative. >> reporter: most analysts expect the economy will bounce back and remain positive for the rest of the year. of course, that assumes policy makers in washington don't take the economy over another cliff. darren gersh, "n.b.r.," washington. >> susie: for more analysis, we're happy to have with us, randall kroszner, former fed governor, and now professor of economics at the university of chicago booth school of business. >> susie: nice to see you, randy. so, this was a status quo announcement from the fed today, but as you look at all of today's economic news, how is the economy really doing? should we be starting to get a little worried about how things are going? >> well, i think the underlying economy seems to be doing reasonably -- n
and democrats battle over the budget. >> i think the fed is very conscious of the fact that fiscal policy which had been providing stimulus earlier in the recovery had really now turned to a strongly contractionary phase and so, when the fed thinks about what it needs to do, it views that as part of the backdrop for its need to continue to be accommodative. >> reporter: most analysts expect the economy will bounce back and remain positive for the rest of the year. of course, that...
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all you have to do is look at the fed you very of the past two years. you have double digit percentage moves in the stock two years in a row. and so will it be a third do you think? make a guess. >> i would like to think so. i know one thing that will set a record for the number of boeing's eden, last year seven and a half million. this year with 100 more locations, my guess is we will pass the 8 million marks. liz: okay. that is -- that is a good talk. i'm guessing you are absolutely probably right. we have seen a little bit of a pullback in the past three months on the stock, but maybe that is a waiting for that big move because we started to turn up. today your having a nice move, but let's talk about the football season. you guys probably like very deeply. it might be a little bit, but this certain teams to get to the playoffs and certain teams to get to the final game, does that make a difference on how many wings read? >> i don't know if it makes a difference in the number of wings. i think a close game definitely makes a difference. and of course
all you have to do is look at the fed you very of the past two years. you have double digit percentage moves in the stock two years in a row. and so will it be a third do you think? make a guess. >> i would like to think so. i know one thing that will set a record for the number of boeing's eden, last year seven and a half million. this year with 100 more locations, my guess is we will pass the 8 million marks. liz: okay. that is -- that is a good talk. i'm guessing you are absolutely...
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Jan 10, 2013
01/13
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FBC
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the housing bubble, housing crash. it happens again and again. is this the fault of the fed? something specific to the american economy? why do we keep having these bubbles? >> we like to believe it. anytime you're making a lot of money, you like to believe it is for real. you may think it is a little bit over the top, but you hope that most of it is for real. the kind of all hope that the government can keep doing this forever, we know it probably cannot. if it could, the government can simply spend all at once and not tax and borrow the money and the fed would pile of bonds and we would be fine we would like to think that somehow some magical, and make it all worked at the end. gerri: you predicted that the housing market with crash. it's hard to remember. now we know the way back when people put the housing market could not crash. what was the one signal? maybe we can think about this all over again. what was the one signal you saw that made you think we were headed for trouble? >> unfortunately, it is not one signal. it would be great if it was, but it seems a little hard
the housing bubble, housing crash. it happens again and again. is this the fault of the fed? something specific to the american economy? why do we keep having these bubbles? >> we like to believe it. anytime you're making a lot of money, you like to believe it is for real. you may think it is a little bit over the top, but you hope that most of it is for real. the kind of all hope that the government can keep doing this forever, we know it probably cannot. if it could, the government can...
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Jan 4, 2013
01/13
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there is a reason why we have the saying don't fight the fed. the fed is out there. if things get bad they'll support us. when things start to pick up they have to scale back. i'm in the camp that when things start to get better, when the fed actually hints at raising rates, i think that's going to tell us that the training wheels are off this market, that the recovery is able to take its ride on its own. that will be a positive for the market. >> but the trouble -- the trouble is what happens when things pick up in the fixed income market? how far out front do you need to be to get out of the way of that -- i mean i guess it is going to be a train wreck. the fed is thought to be buying $1 trillion worth of fifxed income securities this year. if they stop in mid year, june, you want to be a couple months in front of that. that makes it an april story. if it is september, it is a june story. so it is really interesting the way you have to be out front of this story. >> joe, how do you plan on navigating that. as steve says, to be out front through all of these things
there is a reason why we have the saying don't fight the fed. the fed is out there. if things get bad they'll support us. when things start to pick up they have to scale back. i'm in the camp that when things start to get better, when the fed actually hints at raising rates, i think that's going to tell us that the training wheels are off this market, that the recovery is able to take its ride on its own. that will be a positive for the market. >> but the trouble -- the trouble is what...
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Jan 13, 2013
01/13
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the dispensaries flowish and the feds did nothing. they really did nothing. and i was there. i was part of the doing nothing. we ended up four years at the election, we had a tremendous increase in dispensaries. in denver we have more dispensaries than starbucks. we had a tremendous reduction in the age of the average user from an average of the mid 50's when the initiatives was first past in the year 2000 to 28 years old by the time of the election this past year. basically what happens is that the state will be experimenting just as angela said. unless we have some clear direction as to how this should develop, what we do in colorado is going to drive and washington will drive a lot of behaviors in a lot of other states, surrounding states that don't want this. just as in pro biggs they should decide no not have it. how do we expect the d.e.a. and local drug controlled task forces to be able to contend with that kind of a problem? internationally we're going to be affecting canada, mexico and other parts of the world. >> what does c
the dispensaries flowish and the feds did nothing. they really did nothing. and i was there. i was part of the doing nothing. we ended up four years at the election, we had a tremendous increase in dispensaries. in denver we have more dispensaries than starbucks. we had a tremendous reduction in the age of the average user from an average of the mid 50's when the initiatives was first past in the year 2000 to 28 years old by the time of the election this past year. basically what happens is...
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Jan 18, 2013
01/13
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COM
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at all. >> stephen: the second amendment says it. >> so the feds have no law at all on this and now new york, just imagine hypothetically new york passes a law that restricts gun rights. >> stephen: they did. >> does the second amendment protect. that is only about the federal government. what about your rights against state governments? it turns out there's a passage of the constitution that talks about rights against state government but doesn't list them. it says no state shall mess with or abridge any privileges or immunities of citizens. it doesn't specify what they are. those are unwritten to some extent. >> stephen: where is this the unwritten constitution? is that the plot of the third national treasure movie? does nick cage find it tattooed on his back? how do you know? you may have a point here. >> let's take the presidency all president dozen a whole bunch of things that are not spelled out in so many words but that george washington d. being able to swear their oath of office on a bible. >> stephen: it's written in there. >> it's not in the written constitu
at all. >> stephen: the second amendment says it. >> so the feds have no law at all on this and now new york, just imagine hypothetically new york passes a law that restricts gun rights. >> stephen: they did. >> does the second amendment protect. that is only about the federal government. what about your rights against state governments? it turns out there's a passage of the constitution that talks about rights against state government but doesn't list them. it says no...
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Jan 16, 2013
01/13
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CSPAN2
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at the fed. and i wonder whether that increased information about what the fed is thinking you see as helping to be more effective or perhaps being complicating the message to some degree? >> well of course, that is summit extend up to the auditors, to the holders to determine whether anything is helpful or not. but i think that, to address your specific point, that switching from the date, when we started out by trying to convey to the markets when we thought, yeah, a short-term interest rates might start to rise, initially we give a date which was just our best just to as conditions change would change that a couple times. a better way to do it, in my view, is instead of talking about the date, which is very a very non-transparent way to expand which are doing, people say how did they get that date? what does it mean? instead, what we've tried to do in our more recent evolution is to try to explain what we will be looking for in terms of unemployment and inflation, our two main mandate objectiv
at the fed. and i wonder whether that increased information about what the fed is thinking you see as helping to be more effective or perhaps being complicating the message to some degree? >> well of course, that is summit extend up to the auditors, to the holders to determine whether anything is helpful or not. but i think that, to address your specific point, that switching from the date, when we started out by trying to convey to the markets when we thought, yeah, a short-term interest...
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Jan 13, 2013
01/13
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let the feds come in. >> so the state should do what the states do? >> absolutely. >> and if the feds want to deal with it, then come on. then the states could call the federal government a bluff? >> yes. >> that's accountability? >> yep. >> a very important question came up there. we'll hear a lot more about that. spill-overs. how do you deal with all the messyness? help us understand that the law enforcement and the obama administration make and how to deal with this? >> i appreciate being here with angela and michael. this whole thing reminds me of the story. and i'm just a country lawyer from colorado. of the guy who prayed to win the lottery ticket. he wanted to win the lottery over and over again. he was constantly asking the lord, would you help me? would you help me? i've never asked you for very much. years went by. he never won the lottery. finally he's down on his knees. help me lord, i need this money so badly. finally a voice comes down. saul, why don't you meet me halfway and just buy a ticket? >> com and washington just buth ticket. the
let the feds come in. >> so the state should do what the states do? >> absolutely. >> and if the feds want to deal with it, then come on. then the states could call the federal government a bluff? >> yes. >> that's accountability? >> yep. >> a very important question came up there. we'll hear a lot more about that. spill-overs. how do you deal with all the messyness? help us understand that the law enforcement and the obama administration make and how...
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Jan 3, 2013
01/13
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at the end of the day, this is, you know, the fed thinks about every word they say. and this tells you why the fed minutes are so important and, in fact, i think there this was a bit of a trial balloon. what can we get away with? nothing different going on then than i think what they see now and they said the conditions still warrant. there's plenty of data -- i'm sorry, plenty of lines in there, words that said they think the condition still warrant it but they're not equating qe with zerp. there's a differences. >> let's connect the dots. we get a better than expected number, which means the economy is strengthening, so, potentially, that before the end of 2013 prof if i sophesy coulde true -- >> if the employment rate gets to where they want it to, i don't think we're close to getting that point. i think people might sell the market on the back of that. but they've reached a point of no return in terms of their policy. it's more of a function of people posturing within the fed, but i think they've gotten to a point where they can't stop. i mean, they've taken this
at the end of the day, this is, you know, the fed thinks about every word they say. and this tells you why the fed minutes are so important and, in fact, i think there this was a bit of a trial balloon. what can we get away with? nothing different going on then than i think what they see now and they said the conditions still warrant. there's plenty of data -- i'm sorry, plenty of lines in there, words that said they think the condition still warrant it but they're not equating qe with zerp....
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last year payroll tax cut, help fr the fed. on average since 2008 the stimulus of the srt of the year has been three and 55 billion. this year its-270000000000. so we go from of big tailwind to a big head wind. this isthe best numbers we can do at this point, wait until those tax cuts, people and get their payroll, thir paychecks. gerri: let's let steve and then. do you agree. >> i think it's pathetic. the economy really is treading water. we have the most lackluster recovery since the great depression. clearly the president's policies are not dng what they're supposed to be doing. a lot of clients, small business people a petrified th no idea, no idea whatsoever with regard to up how to planfor their businesses to what taxes will be, what health care will be. afraid to hire anybody. this is not a good situation. the economic engine has always been small business. a small businesses are hiring them we have a bad situation going on. gerri: you guys are saying this is a terrible report. but what is interesti about that is i think
last year payroll tax cut, help fr the fed. on average since 2008 the stimulus of the srt of the year has been three and 55 billion. this year its-270000000000. so we go from of big tailwind to a big head wind. this isthe best numbers we can do at this point, wait until those tax cuts, people and get their payroll, thir paychecks. gerri: let's let steve and then. do you agree. >> i think it's pathetic. the economy really is treading water. we have the most lackluster recovery since the...
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Jan 31, 2013
01/13
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rest of the year. >> the fed is here to stay. you think the fed is going to stake its foot or the it was at this point. >> nope. >> let's talk about that. talking about the federal reserve and putting money to work. do you think the federal reserve is going to be there in terms of putting new money to work? i think the fed's going to start to slow down on their activity, and they are going to start to look to unwind their positions as they get in later this year. i think the bigger question is how does the fed drain the liquidity from the system without -- without impacting rates and without getting the balance sheet blown up? >> what makes you think -- >> terry dolan. i didn't mean to forget to introduce you. >> what makes you think the fed is going to take the foot off the gas? at every moment where you might think you get a data point that makes you rethink that, right? >> one sense or another that's true, and that's been the play that the fed has been going through. right now i think that they are looking at an improving econ
rest of the year. >> the fed is here to stay. you think the fed is going to stake its foot or the it was at this point. >> nope. >> let's talk about that. talking about the federal reserve and putting money to work. do you think the federal reserve is going to be there in terms of putting new money to work? i think the fed's going to start to slow down on their activity, and they are going to start to look to unwind their positions as they get in later this year. i think the...
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Jan 28, 2013
01/13
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CNBC
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which is then going to be the impetus for the fed to say we've done our job. the economy's on its own. >> where are you seeing the most buyers consistently? >> consistently we're still seeing home builders -- i mean, the biggest play is you're seeing home builders on any type of pullback, it seems there are bids that fill in. energy names. that's clearly where people have been very underweight. and if they're not they're focussed too lightly on it. prices are starting to tick up. people are going to be paying more. >> put up the sectors for the month here. i want to point out it's been a broad based rally. normally you get one to two sectors up. look. how many are up 6% and 7%? not only energy and industrials. these are cyclical names. health care. health care's a defensive name. so you got people who are buying into the -- >> it's a political name now. >> -- and hiding out in a deferencive name. to me there's a lot of room for rotating. deferencive health ca-- >> how much does the data matter? we're going to get a jobs report on friday. how closely are the ma
which is then going to be the impetus for the fed to say we've done our job. the economy's on its own. >> where are you seeing the most buyers consistently? >> consistently we're still seeing home builders -- i mean, the biggest play is you're seeing home builders on any type of pullback, it seems there are bids that fill in. energy names. that's clearly where people have been very underweight. and if they're not they're focussed too lightly on it. prices are starting to tick up....